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scooter | I have been offered a 'payoff' amount on an old debt-accept? |
I just received a letter in the mail from a debt collector, stating that the creditor has agreed to accept 60% of the balance due, as a lump sum settlement. I have a funny feeling that taking this option, as opposed to just paying the entire amount, is going to have a negative impact on my credit report. I'd rather have my credit 'clean', than make a dumb mistake by paying the smaller amount. We're not talking about a great deal of money, I just want it over with, either way. |
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Diana
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TAKE IT...your credit is already been messed up if you havent paid it. But it looks somewhat better if you paid it than not at all. By the time people get these letters is because it has already been reported and the companies just want some money as oppose to a total loss.
Pay ur bills on time-its the only way to keep ur record clean |
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cowboy
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my son fell into this trap ..ask a lawyer ..the first visit i usualy free |
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tom p
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If you pay a settled amount it will re age your account and the statute of limitations clock starts all over and they can still sell your account to another collector even though you settled and the new collector can sue you for the difference. Just pay the whole thing off and be done with it. |
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finholl
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If they have a phone number to call, dial up and tell them that sounds like a great offer, but you want it reported on your credit as paid in full. Make them put that in writing. If they are willing to send you a new letter stating that if you pay 60% of the balance due, we will report it on your credit as paid in full, then go for it. Otherwise, just tell them you would like to pay it in full. For a great deal more info on dealing with this I would advise visiting the ftc website, here is the address. http://www.ftc.gov/bcp/conline/edcams/credit/coninfo.htm |
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Hound87
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don't take it they will put a settled for less than owed on your credit and it's almost like filing bankrupt for the one Dept. Just pay the whole thing or you'll pay for it over the next 2-7yrs with a shady claim against your credit. Your smart to question the offer it comes with a price and they don't tell you that part. |
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Bama
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If you accept the pay-off settlement then you will still have an amount that is showing as charged-off on your credit report..
No matter what you are told, FACTA dictates that they can not & will not remove the negative history of the debt from your credit report; therefore, the sooner you pay it IN FULL, the better
So, in a nutshell, you can't change the negative effect already done. You can minimize further negative effect by PAYING IN FULL VERY QUICKLY!!!! |
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sexytrojan
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The original debt will stay on your credit report, regardless of whether you pay the collection agency or not.
Ignore their letters and calls.
If the debt is old enough (7 years in most states), it will fall off of your credit report. |
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luckistrike
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Don't do it. Paying it off now won't help your credit score. |
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phy333
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Actually you can just pay $1 or more a month and they can't do anything because you are making an honest effort to pay.
Good Luck |
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butterfly_kisses81501
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best is to pay it...but let me warn you, it will show that ur crdit has been satisfied...but creditors will be scared off still, even though u paid them |
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dreamweaver.629ok
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If you have an unpaid old debt, is your credit really "clean"? Have you gone to https://www.annualcreditreport.com/cra/index.jsp to get your FREE credit report from all three reporting agencies to see exactly what has been reported about this debt? If not, it would be advisable to do that before you make any decisions. But as long as you have IN WRITING that the ORIGINAL lender is willing to accept a 60% payoff, it should not have any more negative impact on your credit than it already has. Just make sure it is the ORIGINAL LENDER who is offering these terms, not a collection agency. If you are not sure about this, it would probably be a good idea to consult an attorney before proceeding. Good luck. |
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Latrice T
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Be careful. You have to find out what the statute of limitations is in your state so that you don't accidentally revive an old debt that the creditor is barred from suing you over. Suze Orman talks on her TV show about this sort of thing happening to people all the time.
As far as how it impacts your credit, the respected financial writer Jane Bryant Quinn has a good article. Here's the link, and on the second page, she talks about the statute of limitations as well.
http://articles.moneycentral.msn.com/Banking/YourCreditRating/WhenPayingBillsCanHurtYourCredit.aspx
Hope this helps. |
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